Cryptocurrency trading platform, Binance, has advised Nigerians trading on its exchange to withdraw all their NGN assets as it discontinues services in the country.
According to the platform’s announcement on March 5, 2024, starting at 8:00 UTC on March 8, all remaining NGN balances in Binance users’ accounts will be automatically converted to USDT stablecoin.
The platform also said all NGN deposits will be suspended today, March 5, 2024.
In addition, Binance will completely stop supporting NGN in spot trading, P2P, Auto Invest, and Binance Pay.
The company said; Fellow Binancians, Binance will discontinue all Nigerian Naira (NGN) services as per the timeline below. Users are encouraged to withdraw NGN, trade their NGN assets or convert NGN into crypto prior to the discontinuation of these NGN services.
“From 2024-03-08 08:00 (UTC), any remaining NGN balances in users’ Binance accounts will be automatically converted to USDT based on the conversion rate below.
“Binance will not support deposits of NGN after 2024-03-05 14:00 (UTC).
“Withdrawals of NGN will not be supported after 2024-03-08 06:00 (UTC).
“After 2024-03-08 08:00 (UTC), Binance will convert any remaining NGN balances in users’ Spot and Funding wallets into USDT on behalf of users at a ratio of 1 USDT = 1,515.13 NGN.
Please note that the conversion rate is calculated based on the average closing price of the USDT/NGN trading pair on Binance Spot in the last seven days.
“The conversion may take approximately up to 24 hours or longer. USDT tokens will be credited to users’ Spot wallets thereafter, and users can confirm receipt of the tokens via the Convert History page.